Industrial production index - crude oil price nexus: Russia, Kazakhstan and Azerbaijan

Ekonomski Anali

卷:65

Ünal Ayşe E.¹  Kaplan Fatih² 

[1] Department of Finance and Banking, Tarsus University, Turkey;

[2] Department of International Trade and Logistic, Tarsus University, Turkey;

关键词: oil prices;    industrial production index;    frequency domain causality;    russia;    kazakhstan;    azerbaijan;   

DOI  :  10.2298/EKA2027119K

来源: DOAJ

【 摘 要 】

The study aims to examine the causality between industrial production index and crude oil price for Russia, Kazakhstan and Azerbaijan by using Frequency Domain Causality Analysis. For this purpose, the monthly data of the industrial production index and Brent oil price data over the period 1993-2019 are used. The Frequency Domain Causality Analysis suggests that the uni-directional causality relationship runs from oil prices to industrial production index is valid in the medium run for Russia and Azerbaijan and in the short run for Kazakhstan. However, there is no uni-directional causality linkage between oil prices and industrial production index in the long run for any of the countries. We hope to contribute to the literature by using frequency-domain causality test which examines the interrelation of crude oil prices on industrial production with the periodicity in these countries. The finding of this study is expected to serve as a tool for industrial production policy.

【 授权许可】

Unknown